Sunny forecast for the Philippines’ real estate sector in 2015

MANILA, Philippines – Optimism is high in the Philippines’ property sector this year. The increasing spending power of investors, including the middle class, is keeping the industry afloat. With strong domestic consumption, many developers have been upgrading, renovating or expanding their retail assets, especially in the national capital region, Metro Manila, where an additional 182,000 sqm of retail space was added in the the first quarter alone, according to Colliers International Philippines.

The robust office sector is also being positioned as a top catalyst for growth due to the strong performance of the business process outsourcing industry. Based on a recent JLL study, Metro Manila is now considered one of the world’s Global 30 Megacities, joining super cities like New York, London and Tokyo. This development has significantly impacted Manila’s luxury residential segment as well, according to JLL, as Manila now leads the Asia Pacific region in terms of sales activity with a 5 percent price growth in the first quarter, only behind Jakarta’s 6 percent.

Not to be outdone, other emerging markets outside the capital, from Luzon to Visayas and Mindanao, have enjoyed the benefits of a strong domestic property sector, with notable developments in Tagaytay, Cebu and Davao attracting not only affluent local investors, but also foreign buyers and millions of Overseas Filipino Workers.

In recognition of the strong performance of the property sector, the third annual Philippines Property Awards, introduced in 2013, is being held in July this year to celebrate the best developments and companies in Metro Manila, Cebu and Davao, and showcase them to a wider international audience, with the top winners competing with other developers in ASEAN for the grand finals at the South East Asia Property Awards in Singapore this October.

“We are delighted to present the third edition of the Philippines Property Awards. Since its debut in 2013, the Awards has received overwhelming response from local developers and top industry professionals,” said Terry Blackburn, CEO of Ensign Media, publisher of Asia’s industry-leading Property Report magazine, and awards organiser.

“We have had entries coming in from all major developers. All shortlisted developments have received site visits from our highly experienced panel to ensure that only the best of the best succeed,” he added.

Led by three-time chairman Cyndy Tan Jarabata, president of TAJARA Leisure & Hospitality Group Inc, the judges panel comprises the top experts in the local real estate scene, including Lindsay J. Orr, chief operating officer of Jones Lang LaSalle Philippines; Architect William V. Consuella, principal, W.V. Consuella & Associates; Abelardo M. Tolentino Jr., president and CEO, Aidea Philippines Inc; Rommel M. Leuterio, group president, Property Management & Development Group/ICCP Group; Jaime A. Cura, Ph.D., vice-chairman, RGV Group of Companies; and Jose Oscar O. Salvacion, president, Design Coordinates Inc/Construction Project Managers.
This year, there will be 26 awards to honour the most exceptional projects, designers and developers, covering residential, commercial, office, hospitality, villa and green developments across the archipelago, plus a special recognition in corporate social responsibility. The Property Report Real Estate Personality of the Year – selected by the editors of the region’s leading luxury real estate publication and is the only award not chosen by the judging panel – will be given to a young and dynamic figure with valuable contributions to the advancement of green building and sustainable architecture, Ramon Fernando D. Rufino, chairman of the Philippine Green Building Council and executive vice-president of premium office developer The Net Group.

As is the case for the entire Asia Property Awards series, the third edition of the Philippines Property Awards – which is free to enter – was preceded by a rigorous nomination process and extensive deliberation period spanning six months, comprehensively assessed and judged, under the supervision of BDO International, one of the world’s biggest auditing firms. The Property Awards is the biggest annual event in the real estate calendar, with support from the Chamber of Real Estate and Builders’ Associations Inc. (CREBA); MyProperty.ph, the Official Property Portal; gold sponsors Kohler and Uratex Premium Mattresses; silver sponsor TEKA; and top media partners including Inquirer.net.

Free, fair and transparent, the annual Philippines Property Awards 2015 takes place at a black-tie gala dinner and awards presentation ceremony at the Raffles and Fairmont Makati on Thursday, 9 July. For tickets, sponsorship opportunites, or more information, visit the website www.asiapropertyawards.com/philippinespropertyawards/ or email [email protected].ADVT